Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/105566 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
School of Economics Discussion Papers No. 1211
Verlag: 
University of Kent, School of Economics, Canterbury
Zusammenfassung: 
After outlining some of the monetary developments associated with Quantitative Easing (QE), we measure the impact of the UK's initial 2009-10 QE Programme on bonds and other assets. First, we use a macro-finance yield curve both to create a counterfactual path for bond yields and to estimate the impact of QE directly. Second, we analyse the impact of individual QE operations on a range of asset prices. We find that QE significantly lowered government bond yields through the portfolio balance channel by around 50 or so basis points. We also uncover significant effects of individual operations but limited pass through to other assets.
Schlagwörter: 
Term Structure of Interest Rates
Monetary Policy
Quantitative Easing
JEL: 
E43
E44
E47
E58
Dokumentart: 
Working Paper

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